After the company reported €46M net loss
New Zealand King Salmon shares were down 45 percent from trading day Friday till the start of the week, as the company reported a €46M net loss for 2022 on Wednesday. The stock started at NZD 0.91 (€0.57/$0.62) per share. Finally, it closed on Thursday at NZD 0.50 (€0.31/$0.34).
So, the share price fell 42 percent from its high point of NZD 0.86 (€0.54/$0.59) on Wednesday morning. It opened Thursday morning at NZD 0.66 (€0.41/$0.45) before falling another 25 percent by the time the trading ended.
According to the group, the latest financial year has been affected by high mortalities, supply chain disruptions, and soaring freight charges. In January company costs increased by almost 30 percent to NZD 20.8 million (€13 million/$14.1 million).
As a measure to pay debt and provide liquidity for operations the company will allocate the NZD 60 million (€37.6 million/$40.9 million) rights profits.